Scenario: Your best friend has approached you with a request to administer their estate once they have passed away. This is a great honor and it’s natural to feel good that your friend believes you are the best person to take on such an important role. You may be tempted to agree right away, but it is in your and your friend’s interests to think it over carefully.
Careful consideration is your first job in terms of estate administration basics. Think about all that is involved in such an important role. Make sure that you are capable of this responsibility before you agree. In the end, your friend will be glad that you cared enough to be honest.
To help you make the best decision, the following section contains some of the roles and responsibilities an estate administrator assumes.
- Locating and keeping track of all assets
- Tracking and paying any debts and taxes the estate owes
- Maintaining bills associated with the deceased’s estate
- Locating the deceased’s heirs or beneficiaries
- Distributing assets in line with all estate planning documents
- Making certain the will is filed in the right court
- Closing out accounts and wrapping up other matters for the deceased
As you can see, even the most minor estate administration basics come with a great amount of responsibility. This is why it is so important to make sure that you are physically and mentally fit to take on the role. The good news is that help is readily available for Michigan estate administrators. Cultivating a partnership with an estate planning lawyer helps you avoid mistakes while ensuring that you have attended to every detail of the estate.